Venmo Credit Card Review 2024 (2024)

• Introducing the Venmo Credit Card
• Venmo Credit Card Quick Facts
• What is the Venmo Credit Card Best For?
• Venmo Credit Card Rewards
• Other Venmo Credit Card Benefits
• Fine Print
• How the Venmo Credit Card Stacks Up
• Is the Venmo Credit Card for You?
• Methodology

If you love using Venmo to make quick payments or split bills with friends and family, you may be tempted to apply for the Venmo Credit Card*. Issued in partnership with Synchrony Bank, the no annual fee card runs on the Visa network and earns rewards on every purchase you make.

Like the app, the card lets you make a payment and then split the bill immediately. Say you go for a meal out with friends: Your Venmo-enabled dining companions can simply scan the QR code conveniently located on the front of every Venmo credit card and pay you then and there for their share, while you finish dessert. You can then use their payments toward your credit card bill or leave them in your Venmo account.

The potential advantage to the card is that, unlike plain old Venmo, you can skip the step of having those Venmo payments sent to your bank account first for you to pay another credit card bill. Plus, cardholders don’t have to track their spending and opt-in or manage which categories earn the most; that’s automatically calculated for you each month. The card offers 3% cash back per dollar spent in your eligible top spend category, 2% cash back on the next category and 1% cash back on all other purchases. Eligible categories include transportation, travel, grocery, entertainment, dining and nightlife, bills and utilities, health and beauty and gas.

Big spenders may find that a card with fewer restrictions can net them greater rewards overall, including a card offered by Venmo’s parent company, the PayPal Cashback Mastercard®*, which earns 3% cash back when checking out with PayPal and 1.5% on all other purchases.

• Annual fee: $0
• Earn 3% cash back per dollar spent in your eligible top spend category, 2% cash back on the next category and 1% cash back on all other purchases
• Use your rewards to pay your statement, make purchases with the card or add to your bank account
• Track spending, make payments to other Venmo users and manage your account in the Venmo app
• No foreign transaction fees

Earning Rewards

The Venmo card earns 3% cash back per dollar spent in your eligible top spend category, 2% cash back on the next category and 1% cash back on all other purchases.

The eight categories eligible for bonus rewards are:

• Dining and nightlife. Includes dine-in, carry-out, delivery, bars and beverage shops.
• Travel. Includes airlines, hotels, motels, resorts, cruises and short-term rentals like Airbnb.
• Bills and utilities. Includes internet service, streaming services, electric bills, water bills, and newspaper and magazine subscriptions.
• Health and beauty. Includes drugstores and pharmacies, and health clubs, tennis, golf and swimming memberships.
• Grocery. Includes both supermarkets and wholesale clubs, as well as convenience stores, bakeries and delis.
• Gas. Includes any service station that sells fuel. Notably does not exclude gas purchases from discounters and warehouse clubs.
• Transportation. Includes ground transportation such as rental cars, taxis, rideshare merchants, limousines, bus lines, passenger railways, tolls, parking meters and parking garage fees.
• Entertainment. Includes movie theaters, theatrical and concert promoters, video rental and game stores, books and newsstands, amusem*nt parks, music stores, and toy and hobby stores.

Redeeming Rewards

Cash-back earnings will be deposited automatically into the cardholder’s Venmo account within three business days of the end of the billing cycle. Once in your Venmo account, your earnings can be used to make payments via Venmo, make purchases, send money to other Venmo users or transfer to the bank account or debit card linked to your Venmo account, like any other Venmo balance.

You can also redeem your cash-back rewards for cryptocurrency. You’ll have to opt-in to crypto auto-redemption and set up a cryptocurrency hub to use your rewards to buy bitcoin, ethereum, litecoin or bitcoin cash. When cash back is transferred to your Venmo account at the end of every month, Venmo will automatically purchase your preferred crypto without a crypto transaction fee. Venmo will charge a fee when you buy or sell your crypto at any other time.

Rewards earned on the Venmo credit card don’t expire as long as the account is open and in good standing.

Rewards Potential

Forbes Advisor uses data from various government agencies to determine baseline income and spending averages across various categories. The 70th percentile of wage earners earns $118,438 annually and has $39,337 in annual spending that can reasonably be charged to credit cards. We base household spending on those numbers.

Venmo Credit Card* Rewards Potential

As a Visa card, the Venmo credit card comes with standard Visa protections that include:

• ID Navigator identity theft protection. Enroll in this complimentary service from NortonLifeLock and get credit monitoring and assistance if your identity is compromised.
• Emergency cash. Visa can arrange for a wire cash transfer to be available at a location near you, usually within hours of approval by Synchrony.
• Emergency card replacement. Visa can work with your bank to expedite the replacement of your card.

Those who are approved for the Visa Signature version of the card will also get benefits, including:

• Visa Signature Luxury Hotel Collection. Benefits include discounts, the potential for a room upgrade upon arrival, a $25 food and beverage credit and a daily continental breakfast.
• Travel and emergency assistance services. Get connected with appropriate local emergency resources, 24 hours a day, 365 days a year.
• Golf benefits. Enjoy a minimum of 10% off at over 95 golf courses worldwide through Troon Rewards.
• Visa Signature Concierge. Access the Visa Signature Concierge for help with reservations, tickets, bookings and gift purchases.

Interest Rates

• APR for purchases: 20.49% - 29.49% variable
• Purchase intro APR: N/A
• Balance transfer intro APR: N/A

Fees

• Annual fee: $0
• Balance transfer fees: N/A
• Foreign purchase transaction fee: None

Venmo Credit Card* vs. PayPal Cashback Mastercard®*

The PayPal Cashback Mastercard®* is also a no annual fee credit card integrated with a payment app. But the PayPal card earns an unlimited flat 3% cash back when checking out with PayPal and 1.5% on all other purchases. That could mean more rewards earned each year.

There are some other minor differences. The Venmo card comes with Visa benefits, while the PayPal Cashback card has Mastercard benefits. But when you’re trying to choose a cash-back credit card, the most important factor is probably the amount of cash back you’re likely to earn. If you’re willing to pay using PayPal, the PayPal Mastercard is the clear winner.

Venmo Credit Card* vs. Wells Fargo Active Cash® Card

The no annual fee Wells Fargo Active Cash® Card earns an unlimited 2% cash rewards on purchases, erasing the need to track categories to maximize spending. The card also offers a few features the Venmo card does not, including a 0% intro APR for 12 months from account opening on purchases and qualifying balance transfers, then a 20.24%, 25.24%, or 29.99% variable APR applies. Balance transfers made within 120 days qualify for the intro rate and fee of 3% (min. $5) then a fee of up to 5% (min. $5) applies. And unlike the Venmo credit card, this card offers a welcome bonus: $200 cash rewards bonus after spending $500 in purchases in the first 3 months.

For those who don’t the extra effort, the Venmo card and the Wells Fargo Active Cash® Card or another 2% card like it could be paired well together. This could reduce the value of the Venmo 3% cash-back on your top category, but the Venmo-related convenience may still make the card a worthwhile pick for some.

Venmo Credit Card* vs. Chase Freedom Flex®

Someone seeking the most rewards-earning power possible in a card with no annual fee should consider the Chase Freedom Flex®. The card earns 5% cash back on up to $1,500 in combined purchases in categories that rotate quarterly (requires activation), 5% cash back on travel purchased through Chase Travel℠, 3% cash back on dining and drugstores and 1% cash back on all other purchases. That could yield more value to you than the Venmo card.

This card can become even more powerful when paired with a premium Chase Ultimate Rewards® earning card like the Chase Sapphire Reserve®, Chase Sapphire Preferred® Card or Ink Business Preferred® Credit Card.

Although heavy users of the Venmo payment app might find it appealing to earn credit card rewards within that ecosystem, other cash-back cards will likely net you more value. You’ll also save the extra step of going through a peer-to-peer payment app. A flat-rate earnings card or one with a more generous tiered rewards structure will probably score greater rewards.

Forbes Advisor considers a variety of criteria when assigning credit cards a rating. Cards are graded based on numerous factors including:

• Annual fees
• Welcome bonus offers
• Ongoing earning rates
• Convenience features
• Additional cardholder benefits

Card features we expect cardholders to use the most often are weighted more heavily in our ratings. Altogether, the factors came together to provide a star rating for each individual card.

To learn more about our rating and review methodology and editorial process, check out our guide on how Forbes Advisor rates credit cards.